Banks now create most of our money supply and need to be made public utilities, following the stellar precedent of the Bank of North Dakota, which makes below-market loans for local communities and businesses while turning a profit for the state. As public banking gains momentum across the country, policymakers in California and Washington state are vying to form the nation's second state-owned bank, following in the footsteps of the highly successful Bank of North Dakota, founded in 1919. The race is extremely close, with state bank bills now passing their first round of committee hearings in both states' senates.